Don’t Lose A Sale To Home Insurance
By: Mark Tribendis
While securing home insurance has become difficult and costly for homebuyers, smart builders are finding ways to stand out from the competition. In states where the risk of natural disasters like hurricanes and wildfires is higher, insurance challenges are causing a lot of worry for those who may already be on a tight budget. Give buyers peace of mind and build trust all the way up to closing by providing an easy and dependable home insurance solution.
Here are some factors that have led to our current market:
- Weather and climate disasters increased from an average of eight annual events between 1980-2022 to 28 events in 2023.
- When compared with the other five largest insurance markets in the world, the U.S. experienced the highest five-year cumulative inflation between 2018 and 2022, and had the greatest collective increase in property replacement costs.
- Uninsurable places are growing across all 50 states, especially in California, Florida, and Louisiana which have larger and more frequent catastrophes.
- Rising premiums are causing difficulties for people to afford insurance on their homes, a problem that is only expected to worsen.
This volatile home insurance market may scare off potential homebuyers who think it’s going to be too time-consuming and costly to obtain adequate coverage. Don’t let that ruin the sale! Builders can put their buyers at ease by providing a competitive home insurance solution up front.
Get Streamlined Insurance in a Few Easy Steps
Many new homebuilders look for ways to reassure nervous buyers and set themselves apart as thoughtful, proactive experts. A good way to do this is to address home insurance upfront by integrating insurance early in the homebuying process. This clears up a lot of the uncertainty buyers have about insurance costs and reduces the risk of losing a deal. It’s easy as 1, 2, 3:
- Choose the right home insurance partner. The agency you select can significantly impact your business and the overall homebuying experience for your customers. Look for an established organization with the knowledge and technology to embed insurance into the closing process.
- Implement embedded insurance. Embedding home insurance is surprisingly simple and straightforward. An agency with the right technology can link to a builder’s systems and access all the information they need to pre-underwrite the home and provide an instant quote. This streamlined service saves time for both builders and their customers.
- Provide the quote to potential buyers. Price transparency allows customers to understand how insurance will affect their total monthly payment and demonstrates your commitment to help. This establishes trust that will span throughout the entire homebuying process.
As the insurance market continues to shift, it’s important that builders implement strategies to set themselves apart. Embedded insurance is a simple solution that will benefit your business for years to come.
Westwood Home Insurance: Available. Accessible. Affordable.
If you’re looking for an experienced insurance partner, consider Westwood Insurance Agency. Founded by a home builder more than 70 years ago, Westwood works with builders to seamlessly integrate insurance into the closing process with customized quotes to maximize savings. No matter where homes are located, a partnership with Westwood will help you close on time, every time. Meet our team at the Jeff Shore Summit, or contact us through our website.
About the Author: Mark Tribendis
Mark Tribendis is Vice President of Business Development at Westwood Insurance Agency. Mark is responsible for prospecting new builders and lenders that may benefit from Westwood’s seamless insurance program. He has more than 17 years of experience in the insurance industry with a background in claims, underwriting, account management, and business development.
